EMPLOYMENT
AGREEMENT
THIS EMPLOYMENT AGREEMENT is made as of this 6th
day of November, 2008, by and between China Premium Lifestyle
Enterprise, Inc., a Nevada corporation (the "Company") and Richard
Man Fai Lee, an individual (the "Executive").
BACKGROUND
The Company and the Executive desire to enter
into this Agreement to assure the Company of the services of the
Executive and to set forth the rights and the duties of the parties
hereto.
AGREEMENT
In consideration of the mutual covenants, terms
and conditions hereinafter contained, and for other good and
valuable consideration, the parties hereby agree as
follows:
1. Term of Employment . The Company hereby employs the Executive and
the Executive hereby accepts such employment commencing on November
6, 2008, and terminating on November 5, 2010 (the "Term"), unless
sooner terminated as provided herein.
2. Duties . The Executive shall serve as the Chief
Executive Officer and President of the Company, with the powers and
duties consistent with such position. The Executive may be
reassigned or transferred to another management position only upon
the Company obtaining the Executive’s prior written consent.
The Executive shall also be subject to the policies and procedures
generally applicable to executive employees of the
Company.
3.1 Salary . The Company shall pay the Executive a salary
of US$148,320 per year (the "Salary"). The Salary shall be subject
to annual review and upward adjustment or no adjustment in the sole
discretion of the Company. The Salary shall be payable in equal
installments monthly consistent with the Company's regular business
practice.
3.2 Bonus . In addition to the Salary, the Executive shall
be eligible to receive a bonus for each calendar year in an amount
to be determined by the Board of Directors of the
Company.
3.3 Expense Reimbursement; Expense
Allowance . The Company
shall reimburse the Executive for reasonable and necessary business
and entertainment expenses incurred by him in connection with the
performance of his duties hereunder, including, but not limited to,
expenses for business development, travel, meals and accommodations
and related expenditures at the same or higher levels as the
Executive incurred during the course of duty. The Company shall
reimburse the Executive for all such expenses within thirty (30)
days upon presentation by the Executive, from time to time, of an
itemized written accounting of such expenditures.
3.4 Benefits . The Company shall provide the Executive with
the following benefits during the Term and any renewals
thereof:
(a) Participation in Benefit Plans and
Policies . The Executive
shall be entitled to participate in all insurance and other benefit
plans and policies maintained for senior executives of the
Company.
(b) Indemnification . The Executive shall, in addition to any other
legal or contractual rights to indemnification provided by the
Company, be provided coverage under indemnification policies and
director and officer liability policies maintained by the Company
in amounts reasonably determined by the Company.
4.1 Termination Events . The Executive's employment shall terminate
prior to the expiration of the Term upon the happening of any of
the following events:
(a) Voluntary . Voluntary termination by the Executive by
giving three (3) months’ notice in writing;
(b) Death . The death of the Executive;
(c) For Cause . For "cause" by the Company, defined as any of
the following: (i) the Executive is convicted of, or pleads nolo
contendere to, a felony; (ii) the Executive has committed an act of
fraud, bad faith or willful misconduct against the Company that is
materially detrimental to the Company; or (iii) the Executive has
materially breached any of the terms of this Agreement after
written notice has been provided by the Company to the Executive
regarding the specific nature of such breach and the Executive
fails to cure such breach within thirty (30) days.
(d) Disability . Upon the good faith determination of the Board
that the Executive has become so physically or mentally
incapacitated or disabled as to be unable to satisfactorily perform
his duties hereunder for a period of one hundred twenty (120)
consecutive calendar days or for one hundred eighty (180) days in
any three hundred sixty (360) day period, such determination based
upon a certificate as to such physical or mental disability issued
by a licensed physician and/or psychiatrist (as the case may be)
mutually agreed upon by the Executive and the Company;
(e) Without Cause . Termination for any reason other than for
"cause" as defined in Section 4.1(c) hereof.
(f) By the Executive For Good Reason
. If the Company takes any of the
actions described in th
